Abracadabra moved to restrict borrowing across impacted smart contracts.
Cryptocurrency lending platform Abracadabra.Finance had nearly $13 million worth of Ethereum stolen following an attack.
According to The Crypto Times, the Ethereum was pilfered and distributed across at least three crypto wallets after malicious actors set their sights on the crypto platform's lending pools to facilitate the exfiltration of crypto assets.
They were able to bypass security defences, with Abracadabra moving to restrict borrowing across impacted smart contracts.
Abracadabra said the investigation is still underway, but the incident has not resulted in the loss of collateral. Such a development comes more than a year after Abracadabra was subjected to a crypto heist that led to the theft of $6.49 million.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
